Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Revenue increased 1.4% YoY to JPY7.9bn, with growth in Global Telecommunications and Medical & Healthcare, but decline in Domestic Telecommunications.</li><li>Operating profit rose 0.5% YoY to JPY2.4bn, with increased profit in all segments; recurring profit surged 45.7% YoY.</li><li>Global Telecommunications revenue grew 8.1% YoY, but profit decreased; Domestic Telecommunications revenue fell 22.9% YoY, profit increased 11.1% YoY.</li></ul>

Revenue increased 1.4% YoY to JPY7.9bn, with growth in Global Telecommunications and Medical & Healthcare, but decline in Domestic Telecommunications.Operating profit rose 0.5% YoY to JPY2.4bn, with increased profit in all segments; recurring profit surged 45.7% YoY.Global Telecommunications revenue grew 8.1% YoY, but profit decreased; Domestic Telecommunications revenue fell 22.9% YoY, profit increased 11.1% YoY.

IPS Inc (4390 JP): 1H FY03/26 flash update

<ul><li>Revenue increased to JPY11.2bn (+34.5% YoY) with growth in Global Telecommunications, but declines in Domestic Telecommunications and Medical & Healthcare.</li><li>Operating profit rose to JPY3.2bn (+120.8% YoY), driven by cost ratio reduction and Global Telecommunications segment performance.</li><li>Global Telecommunications business achieved JPY7.8bn revenue (+97.8% YoY) and JPY2.9bn operating profit (+347.5% YoY).</li></ul>

Revenue increased to JPY11.2bn (+34.5% YoY) with growth in Global Telecommunications, but declines in Domestic Telecommunications and Medical & Healthcare.Operating profit rose to JPY3.2bn (+120.8% YoY), driven by cost ratio reduction and Global Telecommunications segment performance.Global Telecommunications business achieved JPY7.8bn revenue (+97.8% YoY) and JPY2.9bn operating profit (+347.5% YoY).

IPS Inc (4390 JP): Q3 FY03/25 flash update

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 11th. The aggregated net margin trading position is USD17,320m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio, Lasertec, Kawasaki Heavy Industries, Ntt Data, Fujikura, Nintendo, Tokyo Electric Power Company.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 11th. The aggregated net margin trading position is USD17,320m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio, Lasertec, Kawasaki Heavy Industries, Ntt Data, Fujikura, Nintendo, Tokyo Electric Power Company.


JPX Margin Trading Weekly (Jul 11th): Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio

<ul><li>Revenue reached JPY3.7bn (+47.5% YoY), with increases in Global Telecommunications but declines in Domestic Telecommunications and Medical & Healthcare.</li><li>Operating profit was JPY760mn (+84.0% YoY), with cost ratio falling 7.1pp YoY and SG&A ratio rising 3.0pp YoY.</li><li>Foreign exchange gains of JPY350mn were booked in Q1 FY03/25 due to valuation of foreign currency-denominated receivables and payables.</li></ul>

Revenue reached JPY3.7bn (+47.5% YoY), with increases in Global Telecommunications but declines in Domestic Telecommunications and Medical & Healthcare.Operating profit was JPY760mn (+84.0% YoY), with cost ratio falling 7.1pp YoY and SG&A ratio rising 3.0pp YoY.Foreign exchange gains of JPY350mn were booked in Q1 FY03/25 due to valuation of foreign currency-denominated receivables and payables.

IPS Inc (4390 JP): Initial Coverage,Q1 FY03/25 flash update

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

In the month of January 2021, one of the most anticipated TOPIX Inclusion candidates, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> announced its move to TSE1 triggering what could potentially be one of the largest TOPIX Inclusion events in recent memory. The stock could see its TOPIX Inclusion take place at the end of February, along with <a href="https://www.smartkarma.com/entities/sansan-inc" target="_blank" data-smartkarma-citation="entities:28112:1" rel="noopener">Sansan Inc (4443 JP)</a> - another larger-than-usual candidate - and two other super-high-impact names <a href="https://www.smartkarma.com/entities/bull-dog-sauce-co-ltd" target="_blank" data-smartkarma-citation="entities:16235:1" rel="noopener">Bull Dog Sauce (2804 JP)</a> and <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a>. There is plenty to look forward to. In this insight, I have provided performance updates for 6 "Live" event stocks (including the names mentioned above) which are expected to have Inclusion Events at the end of February 2021 and 14 "Post" event stocks that completed their Inclusion Events at the end of December 2020 and January 2021 (on 28 January 2021).Furthermore, I have also highlighted some interesting Pre-event situations involving stocks that are likely to become TSE1-promotion candidates in the near future.

In the month of January 2021, one of the most anticipated TOPIX Inclusion candidates, Toshiba Corp (6502 JP) announced its move to TSE1 triggering what could potentially be one of the largest TOPIX Inclusion events in recent memory. The stock could see its TOPIX Inclusion take place at the end of February, along with Sansan Inc (4443 JP) - another larger-than-usual candidate - and two other super-high-impact names Bull Dog Sauce (2804 JP) and Alps Logistics (9055 JP). There is plenty to look forward to. In this insight, I have provided performance updates for 6 "Live" event stocks (including the names mentioned above) which are expected to have Inclusion Events at the end of February 2021 and 14 "Post" event stocks that completed their Inclusion Events at the end of December 2020 and January 2021 (on 28 January 2021).Furthermore, I have also highlighted some interesting Pre-event situations involving stocks that are likely to become TSE1-promotion candidates in the near future. 

Japan

IPS, Inc. offers wireless communication services. The Company mainly provides telephone voice data center, and data communication services. IPS also offers human training, dispatch, and other services. IPS serves customers worldwide.

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IPS Inc (4390 JP)

IPS Inc (4390 JP): 1H FY03/26 flash update

Revenue increased 1.4% YoY to JPY7.9bn, with growth in Global Telecommunications and Medical & Healthcare, but decline in Domestic...

Shared Research

IPS Inc (4390 JP): Q3 FY03/25 flash update

Revenue increased to JPY11.2bn (+34.5% YoY) with growth in Global Telecommunications, but declines in Domestic Telecommunications and Medical...

Shared Research

JPX Margin Trading Weekly (Jul 11th): Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted Fast Retailing (9983 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM

IPS Inc (4390 JP): Initial Coverage,Q1 FY03/25 flash update

Revenue reached JPY3.7bn (+47.5% YoY), with increases in Global Telecommunications but declines in Domestic Telecommunications and Medical &...

Shared Research

TOPIX Inclusion Trade Summary: Jan 2021

TOPIX Inclusion Monthly Summary for December inclusions and how they did in January (badly), how January inclusions did vs TOPIX (on average well)...

Janaghan Jeyakumar, CFA

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